State Street (NYSE:STT) Given New $118.00 Price Target at Wells Fargo & Company

State Street (NYSE:STT) had its target price lifted by Wells Fargo & Company from $108.00 to $118.00 in a research note published on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the asset manager’s stock.

A number of other equities research analysts also recently issued reports on STT. Deutsche Bank Aktiengesellschaft upped their price objective on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Monday, November 11th. StockNews.com lowered State Street from a “buy” rating to a “hold” rating in a report on Friday, December 27th. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Barclays boosted their price objective on shares of State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Finally, Morgan Stanley raised shares of State Street from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $102.00 to $139.00 in a research note on Monday, December 9th. Two analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $99.07.

State Street Price Performance

Shares of State Street stock opened at $97.95 on Thursday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.91. State Street has a 12 month low of $70.20 and a 12 month high of $101.91. The stock has a 50 day moving average of $96.84 and a 200 day moving average of $87.64. The firm has a market cap of $28.71 billion, a PE ratio of 15.47, a PEG ratio of 1.24 and a beta of 1.44.

State Street (NYSE:STT) last posted its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. State Street’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same period last year, the firm posted $1.93 earnings per share. On average, research analysts expect that State Street will post 8.42 EPS for the current fiscal year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Thursday, January 2nd will be issued a $0.76 dividend. The ex-dividend date is Thursday, January 2nd. This represents a $3.04 annualized dividend and a dividend yield of 3.10%. State Street’s payout ratio is currently 48.03%.

Insiders Place Their Bets

In other news, EVP John Plansky sold 13,859 shares of the business’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the transaction, the executive vice president now directly owns 55,108 shares of the company’s stock, valued at approximately $5,032,462.56. The trade was a 20.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the completion of the transaction, the executive vice president now owns 111,042 shares in the company, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,460 shares of company stock worth $2,499,860 in the last three months. Corporate insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On State Street

A number of large investors have recently modified their holdings of the business. Hotchkis & Wiley Capital Management LLC grew its position in State Street by 30.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock worth $514,136,000 after purchasing an additional 1,354,560 shares during the last quarter. LSV Asset Management grew its holdings in shares of State Street by 30.6% during the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after buying an additional 1,238,251 shares during the last quarter. FMR LLC increased its position in shares of State Street by 15.8% in the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock valued at $540,796,000 after acquiring an additional 833,679 shares during the period. Wellington Management Group LLP raised its stake in State Street by 818.1% in the 3rd quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock worth $45,889,000 after acquiring an additional 462,201 shares during the last quarter. Finally, National Bank of Canada FI lifted its position in State Street by 99.4% during the 3rd quarter. National Bank of Canada FI now owns 888,146 shares of the asset manager’s stock worth $78,574,000 after acquiring an additional 442,725 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.